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US import prices up 1% in January

US import prices up 1% in January

Mubasher: The United States import prices increased by 1% in January, due to the rising oil prices among other goods, as shown by the data of the Department of Labor on Friday.

The rise has exceeded experts’ expectations, and it is set to boost inflation, which the Federal Reserve is targeting to reach 2%.

The rise in inflation will increase the probability of the Fed raising interest rates soon.